A devastating economic depression is rapidly spreading across the largest economy in the world. Unemployment is skyrocketing, money is being pulled out of the banks at an astounding rate, bad debts are everywhere and economic activity is slowing down month after month. So who am I talking about? Not the United States – the economy that I am talking about has a GDP that is more than two trillion dollars larger. It is not China either – the economy that I am talking about is more than twice the size of China. You have probably guessed it by now – the largest economy in the world is the EU economy. Things in Europe continue to get even worse. Greece and Spain are already experiencing full-blown economic depressions that continue to deepen, and Italy and France are headed down the exact same path that Greece and Spain have gone. Headlines about violent protests and economic despair dominate European newspapers day after day after day. European leaders hold summit meeting after summit meeting, but all of the “solutions” that get announced never seem to fix anything. In fact, the largest economy on the planet continues to implode right in front of our eyes, and the economic shockwave from this implosion is going to be felt to the four corners of the earth.
On Friday, newspapers all over Europe declared that Greece is about to run out of money (again).
The Greek government says that without more aid they will completely run out of cash by the end of November.
Of course the rest of Europe is going to continue to pour money into Greece because they know that if they don’t the financial markets will panic.
But they are also demanding that Greece make even more painful budget cuts. Previous rounds of budget cuts have been extremely damaging to the Greek economy.
But Greece and Spain are not alone in seeing their economies implode.
The French economy is starting to implode as well. Just check out this article.
The unemployment rate in France is now above 10 percent, and it has risen for 16 months in a row.
It is just a matter of time before things in Italy and France get as bad as they already are in Greece and Spain.
The chief economist at the IMF is now saying that it will take until at least 2018 for the global economy to recover, but unfortunately I believe that he is being overly optimistic.
Greece cannot have more time to repay its debt to the European Central Bank because it would be illegal and “illogical”, board member Joerg Asmussen has said, as he shut the door on pleas for leniency from the bank.
Mr Asmussen said that the ECB could not lengthen the time period for loans to Greece or lower interest rates as “both concessions would be a form of debt forgiveness and therefore a direct financial support for the Greek state.
“That would not be allowed under the law governing the ECB,” he said.
He also said that it would be wrong for Greece to say it needed more time but not more money.
“A temporary extension of fiscal targets automatically means that Greece needs more financial assistance from abroad.” he told German newspaper Bild am Sonntag.
“It is logically quite wrong to say: we need more time, but not more money.”
Celente – “They are buying up worthless bonds with money they don’t have. They are just inventing it (the money)
Today top trends forecaster Gerald Celente gave King World News readers and listeners an exclusive sneak peek of the Autumn Trends Journal. Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world. In his audio interview, Celente gave his forecasts for gold, silver, real estate, the global economy, and much more.
But first, here is a small portion of what Celente had to say about the global economy and gold: “The global economy is crashing. This is unprecedented, Eric, what’s going on, the amount of cheap money they are printing. And it is totally against the charter for them to buy up these worthless bonds from all of these countries that are suffering, but they are doing it.”
No matter what country you are from this certainly sounds familiar.
Madrid Spain is on the brink as people by the tens of thousands hit the streets because the people are paying the consequences for the bankers and the politicians.
Despite the slanderous propaganda you may have heard from corporate media outlets this mini-documentary tells lets you here directly from the mouths of the protestors why they are on the streets.
Do The Swiss Know Something The Rest Of Us Don’t? Swiss army prepares for ‘dramatic escalation’ in Europe
Do the Swiss know something the rest of us don’t?
Ueli Maurer, the Swiss defense minister, has been making coy statements about the European crisis getting ugly – as in really ugly, like needing armed troops to deal with it. This sounds more like Greece, where the rioting is regular and increasingly scary, than anything in Central Europe, but where the whole EU furball is headed does seem less than clear of late.
The Swiss are famous for preparing for everything and having an absolutely huge army, relative to their population, to deal with any eventuality. They maintain their special military system, based on training for nearly the whole male population but a very small active duty cadre (plus a few, tiny UN peacekeeping-type missions abroad, since the Swiss have an actually defensivedefense force): the Swiss can call up over 200,000 trained troops, which is but one-third of what was on-call twenty years ago – like everyone, they have downsized as the threat has receded since the fall of the Soviet bloc – but that’s still pretty huge in Swiss terms. In America, that would mean a mobilization strength of nearly 8,000,000 for the U.S. military (it’s a hair under three million, in case you were wondering).
via google translate:
A dramatic escalation of the situation in States with EU crisis impact on the security of Switzerland: In this scenario, prepare the Swiss Army, as shown by research conducted by the newspaper “The Sunday”. Defence Minister Ueli Maurer says. “I conclude not that we do in the coming years need the army ‘For the European countries renewed their armies under pressure to save not, they could no longer afford the upkeep of modern systems, he said at a conference. Europe was weaker. Those who could not defend but will blackmailed. The EU is preparing him worried, stressed Maurer. He wonders how long it was still possible to calm the crisis with “money”. – Source